Most working individuals have retirement plans in place to support themselves financially when they retire from the workforce. Such plans generally manage and/or invest the employee's assets (sometimes including at least a portion of the employee's regular income) in order to provide financial security when the employee retires and no longer receives a regular income.
Recently, many retirement plans have shifted from defined-benefit type plans, in which a plan sponsor controls investment risk and portfolio management to minimize investment risk, to defined-contribution type plans, which give the individual more control and discretion in the investment of funds but come with increased investment risk. Unfortunately, typical defined contribution type plans often fail to provide the individual with the resources and knowledge necessary to make informed investment decisions.
Many individuals can easily visualize their desired standard of living upon retirement, but are unsure of the necessary steps to take in order to secure this desired standard. Moreover, many individuals find available investment products, such as investment contracts and annuities, complicated and intimidating, making retirement planning a daunting task.
Therefore, there is a need in the art for a graphical user interface for retirement income planning.